D216 WGU Business Law for Accountants | 135
Comprehensive Study Guide Questions and
Correct Detailed Answers 2026
Description
This WGU D216 Business Law for Accountants practice assessment
(PA) is a comprehensive, scenario-based exam designed to align closely
with the objective assessment (OA). Covering topics like agency law,
contracts, and business forms, students frequently recommend using Elin
Meyer’s videos and Becker CPA review materials for preparation, as the
PA and OA are generally considered well-aligned in topics.
Key Aspects of the D216 Practice Exam:
Alignment: The PA and OA are reported to cover similar topics, with the
OA being slightly harder or having more complex scenarios.
Content Focus: The exam tests for a solid understanding of foundational
legal concepts and their application in accounting and business
scenarios.
Key Areas: Common areas include business forms (partnerships,
corporations), Agency Law, and Contracts.
Quiz_________________?
Scienter -
Answer
A person has knowledge of wrongdoing and intent of wrongdoing
Quiz_________________?
1
, Sox act of 2002 -
Answer
created the public company accounting oversight board, It states high
level managers (CFO, CEO, Senior roles) must maintain an effective
system of internal controls. Internal controls get checked by senior
management annually
Quiz_________________?
Outside Directors -
Answer
oversee the accounting process and financial reports of a public
company and review it with the audit committee
Quiz_________________?
Common law -
Answer
a body of law established by court decisions
Quiz_________________?
Federal Trade commission (FTC) -
Answer
2
, goal is to prevent unfair trade practices ex. bait and switch, puffery, half
truths
Quiz_________________?
Lanham Act -
Answer
protects trademarks, and false advertising claims. one must show injury
to reputation, direct causation by false advertising, loss of business by
those deceived
Quiz_________________?
Telemarketing and consuming fraud and abuse prevention act -
Answer
telemarketer must identify the sellers name, describe the product,
disclose all material facts including total cost, must remove customers
name from list if requested. (a salesmans name is not the seller, must be
a brand or business or true seller)
Quiz_________________?
Fair and accurate credit transaction act -
Answer
3
, One free credit report per year
Quiz_________________?
Securities exchange act of 1933 -
Answer
companies must register with SEC if they are public, must complete
prospectus
Quiz_________________?
Securities exchange act of 1934 -
Answer
public companies must give continuous disclosure (form-10Q, form-
10k) to prevent fraud and insider trading (10-b)
Quiz_________________?
Employer / (principal) -
Answer
This person gives the employee / (agent) the right to handle working
with 3rd parties (is a agency relationship)
4
Comprehensive Study Guide Questions and
Correct Detailed Answers 2026
Description
This WGU D216 Business Law for Accountants practice assessment
(PA) is a comprehensive, scenario-based exam designed to align closely
with the objective assessment (OA). Covering topics like agency law,
contracts, and business forms, students frequently recommend using Elin
Meyer’s videos and Becker CPA review materials for preparation, as the
PA and OA are generally considered well-aligned in topics.
Key Aspects of the D216 Practice Exam:
Alignment: The PA and OA are reported to cover similar topics, with the
OA being slightly harder or having more complex scenarios.
Content Focus: The exam tests for a solid understanding of foundational
legal concepts and their application in accounting and business
scenarios.
Key Areas: Common areas include business forms (partnerships,
corporations), Agency Law, and Contracts.
Quiz_________________?
Scienter -
Answer
A person has knowledge of wrongdoing and intent of wrongdoing
Quiz_________________?
1
, Sox act of 2002 -
Answer
created the public company accounting oversight board, It states high
level managers (CFO, CEO, Senior roles) must maintain an effective
system of internal controls. Internal controls get checked by senior
management annually
Quiz_________________?
Outside Directors -
Answer
oversee the accounting process and financial reports of a public
company and review it with the audit committee
Quiz_________________?
Common law -
Answer
a body of law established by court decisions
Quiz_________________?
Federal Trade commission (FTC) -
Answer
2
, goal is to prevent unfair trade practices ex. bait and switch, puffery, half
truths
Quiz_________________?
Lanham Act -
Answer
protects trademarks, and false advertising claims. one must show injury
to reputation, direct causation by false advertising, loss of business by
those deceived
Quiz_________________?
Telemarketing and consuming fraud and abuse prevention act -
Answer
telemarketer must identify the sellers name, describe the product,
disclose all material facts including total cost, must remove customers
name from list if requested. (a salesmans name is not the seller, must be
a brand or business or true seller)
Quiz_________________?
Fair and accurate credit transaction act -
Answer
3
, One free credit report per year
Quiz_________________?
Securities exchange act of 1933 -
Answer
companies must register with SEC if they are public, must complete
prospectus
Quiz_________________?
Securities exchange act of 1934 -
Answer
public companies must give continuous disclosure (form-10Q, form-
10k) to prevent fraud and insider trading (10-b)
Quiz_________________?
Employer / (principal) -
Answer
This person gives the employee / (agent) the right to handle working
with 3rd parties (is a agency relationship)
4
